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"This work is an exploration of the global market dynamics, their intrinsic natures, common trends and dynamic inter-linkages during the stock market crises over the last twelve years. The study isolates different phases of crisis and differentiates between any crisis that remains confined to the region and those that take up a global dimension. The latent structure of the global stock market, the inter-regional and intra-regional stock market dynamics around the crises are analyzed to get a complete picture of the structure of the global stock market. The study further probing into the inherent nature of the global stock market in generating crisis finds the global market to be chaotic thus making the system intrinsically unstable or at best to follow knife-edge stability. The findings have significant bearing at theoretical level and on policy decisions."

"Adanya peningkatan partisipasi dalam investasi pasar modal (capital market participation) di kalangan anak muda khususnya generasi Z yang berusia 18-25 dalam beberapa tahun terakhir merupakan fenomena yang cukup mengejutkan. Pasalnya investasi di pasar modal merupakan kegiatan yang cukup kompleks dan sering dikaitkan dengan pemahaman akan konsep keuangan yang tinggi. Literasi keuangan (financial literacy) sering dinilai sebagai salah satu faktor seseorang melakukan investasi di pasar modal. Semakin tinggi literasinya maka, akan semakin tinggi pula kemungkinan Ia akan melakukan investasi di pasar modal. Namun demikian, di banyak negara berkembang di dunia termasuk Indonesia, literasi keuangan masih cukup rendah. Di sisi lain, faktor efek orang terdekat juga dinilai sebagai faktor utama bagi generasi Z dalam pengambilan keputusannya termasuk keputusan finansial. Oleh karena itu, penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan terhadap partisipasi generasi Z di pasar modal Indonesia menggunakan metode regresi probit. Hasil dari penelitian menunjukkan bahwa literasi keuangan dan efek orang terdekat mempengaruhi keputusan generasi Z dalam berinvestasi di pasar modal.

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The increasing participation in capital market investment among young people, especially Generation Z aged 18-25, in recent years is a surprising phenomenon. This is because investing in the capital market is fairly a complex activity and is often associated with a high level of financial literacy. Financial literacy is often judged as one of the factors a person invests in the capital market. The higher the literacy rate, the higher the possibility that they will invest in the capital market. However, in many developing countries in the world including Indonesia, financial literacy is still quite low. On the other hand, the significant person effect factor is also considered a major factor for Generation Z in their decision making, including financial decisions. Therefore, this study aims to analyze the effect of financial literacy on the participation of Generation Z in the Indonesian capital market using the PROBIT regression method. The results of the study indicate that financial literacy and significant people affect the decisions of Generation Z in investing in the capital market."

"ABSTRAKPenelitian ini bertujuan untuk melihat perubahan tingkat sensitivitas investasiterhadap arus kas dengan adanya peran implementasi IFRS pada perusahaan nonkeuanganyang terdaftar di Bursa Efek Indonesia pada periode 2009-2014. Hasilpenelitian menemukan bahwa peran implementasi IFRS di Indonesia terbuktimampu mengurangi masalah asimetris informasi. Asimetris informasi yangberdampak pada ketidakefisienan pasar membuat perusahaan mengalamiketerbatasan dalam mengakses pendanaan eksternal, hal tersebut terlihat daritingkat sensitivitas investasi terhadap arus kasnya. Penelitian ini turut menemukanbahwa berkurangnya asimetris informasi diikuti dengan menurunnya tingkatsensitivitas investasi perusahaan terhadap arus kasnya, yang dapat dilihat daripenurunan koefisien arus kas terhadap investasi pada sebelum (pre) dan sesudah(post) implementasi IFRS.

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ABSTRACTThis study aims to see the changing of investment-cash flow sensitivity level bythe role of IFRS implementation in non-financial companies listed on theIndonesian Stock Exchange in the period of 2009-2014. The role of IFRSimplementation has been proven to reduce the problem of asymmetric informationwhose impact in market inefficiencies and make the companies have limitedaccess to their external funding, as seen from the investment sensitivity of theircash-flow. The study also found that the decrease of asymmetric information isassociateded with decreases investment-cash flow sensitivity, which can be seenfrom the declining of their cash-flow coefficient toward investment on pre-to postof implementation of IFRS."

"Algorithmic trading (AT) sebagai fenomena mutakhir di pasar keuangan, khususnya pasar di Amerika dan wilayah Eropa, masih menjadi kontroversi. Ada yang menganggap (dan menunjukkan) AT memberi pengaruh positif terhadap market quality, ada juga yang menunjukkan hal sebaliknya. Menggunakan proxy aktivitas perdagangan, penelitian ini mengidentifikasi tren penggunaan AT dan dampaknya terhadap market quality di BEI. Adanya peningkatan aktivitas perdagangan (trading) yang dibarengi perubahan strategi perdagangan (nature of trading) menjadi petunjuk kuat tren penggunaan AT di BEI, meskipun dengan intensitas yang relatif lebih rendah dibandingkan pada pasar-pasar negara maju. Secara umum AT meningkatkan bid-ask spreads dan effective spreads, menurunkan bid-ask depth, serta mengurangi volatilitas harga saham. Hal ini menjadi indikasi bahwa AT memberi dampak negatif dengan menurunkan likuiditas pasar namun di saat yang sama justru memberi dampak positif dengan mengurangi volatilitas harga saham di BEI.

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Algorithmic trading (AT) as a fairly new phenomenon in financial markets, especially in the American and European markets, still have controversy and discourse with respect to its impact on market quality. Using normalized measure of Indonesia Stock Exchange (IDX) electronic message traffic as proxy for AT, this paper investigates AT and its impact on market quality in IDX. Significant increase in trading activity as well as change of trading strategy have become evidence of an increase in the use of AT in IDX, with relatively lower than both US and European markets. In general, AT wide bid-ask spreads and effective spreads, reduces bid-ask depth, as well as reduces volatility. These findings indicate that AT has negative impact on liquidity and positive impact on volatility in IDX."

"Jumlah investor saham di Indonesia semakin meningkat dari tahun ke tahun, dimana pada tahun 2022 investor didominasi oleh kelompok generasi milenial. Prinsip dasar ekonomi klasik menganggap bahwa keputusan investasi terbentuk secara rasional, namun teori perilaku keuangan menganggap terdapat bias psikologi yang dapat memengaruhi keputusan keuangan individu. Herding behavior merupakan salah satu bias psikologis dimana investor mengikuti perilaku investor lain walaupun mereka memiliki informasi pribadi. Walaupun begitu, faktor kognitif yang didasari tingkat literasi keuangan yang memadai dapat membuat keputusan keuangan individu lebih berhati-hati. Penelitian ini bertujuan untuk mengetahui hubungan antara literasi keuangan dan herding behavior. Pengukuran literasi keuangan menggunakan alat ukur literasi keuangan yang dikembangkan oleh Chen dan Volpe (1998) yang telah dimodifikasi dan diadaptasi ke dalam Bahasa Indonesia oleh Irwan (2019). Herding behavior diukur menggunakan alat ukur yang dikembangkan oleh Phan dan Zhou (2014) yang telah diadaptasi ke dalam Bahasa Indonesia oleh Putri (2019). Pengambilan data dilakukan dengan menyebarkan kuesioner secara online melalui media sosial. Penelitian berhasil menghimpun 159 partisipan dan menunjukkan hasil bahwa terdapat hubungan signifikan antara Literasi Keuangan dan Herding Behavior pada investor generasi milenial, Chi2(4, n = 159) = 17.156, p < .05, dengan medium effect size (V = 0,232).

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The number of stock investors in Indonesia has been increasing from year to year which in 2022 investors are being dominated by Millennial Generation. The basic principles of classical economics assumed that investment decisions are formed rationally, however, behavioural financial theory argued that there are psychological biases that can influence financial decisions. Herding behavior is a psychological bias in which investors follow the behavior of others investors regardless their personal information. Neverthless, cognitive factors which is based on an adequate level of financial literacy can make financial decisions more careful. This study aims to determine the relationship between financial literacy and herding behavior. Measurement of financial literacy was using a Financial Literacy measurement developed by Chen and Volpe (1998) which has been modified and adapted to Indonesian by Irwan (2019). Herding behavior measurement was using a measurement developed by Phan and Zhou (2014) which has been adapted to Indonesian by Putri (2019). Data collection carried out by distributing online questionnaires through social media. The study gathered 159 participants and the result showed that there is a significant relationship between Financial Literacy and Herding Behavior among millennial generation investors, Chi2(4, n = 159) = 17.156, p < .05, with medium effect size (V = 0,232)."

"ABSTRAKDengan dibentuknya perjanjian-perjanjian pasar keuangan secara global, tingkatanintegrasi keuangan berkembang secara pesat di akhir tahun 1980 dan 1990. Faktoryang mendasari perkembangan berinvestasi skala global ini adalah pencariankeuntungan yang tinggi dan peluang untuk mendiversifikasi risiko secarainternasional. Penelitian ini mencari tahu tingkat integrasi keuangan di kawasanAsia Tenggara dengan menguji hubungan antara pasar uang, pasar obligasi danpasar saham di Asia dengan menggunakan teknik ekonometrik kointegrasi. Di sisilain, penulis mencoba memberikan jawaban atas pertanyaan, seberapa terintegrasipasar keuangan di kawasan Asia?

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ABSTRACTWith the Agreements of international financial market, the degree of internationalfinancial integration increased significantly during the late 1980s and 1990s. Akey factor underlying this process was the increased globalization of investmentsseeking a higher rate of return and the opportunity to diversify riskinternationally. This paper investigates the degree of financial integration inSouth East Asia by examining the relationships amongst Asian money market,bonds market and stock market by employing the advanced econometric techniqueof cointegration. In other words, we propose the answers to the followingquestion. What is the degree of financial markets integration in Asia?"

"ABSTRAKPenelitian ini bertujuan untuk memberikan bukti empiris bahwa terdapat pengaruh Analisis financial distress, size dan book to market terhadap stock return perusahaan. Penelitian dilakukan pada 170 perusahan non-keuangan yang terdaftar di Bursa Efek Indonesia periode tahun 2010 sampai dengan 2017. Financial distress diukur menggunakan Altman Z-Score. Hasil regresi menggunakan model fixed effect menunjukkan bahwa tidak terdapat pengaruh financial distress dan book to market terhadap stock return. Hanya size yang berpengaruh negatif signifikan terhadap stock return.

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ABSTRACT

This study aims to investigate the relationship of financial distress risk and the stock returns of financially distressed firms listed on Bursa Efek Indonesia. Non-financial firms listed on BEI are taken from the time-period of 2010-2017. Altman Z-Score ―bankruptcy prediction model‖ is used for the prediction of financial distress risk and forecasted the distress risk firms listed on BEI. The panel data is used to get the empirical findings and showed that the financial distress risk and book-to-market equity effect are statistically insignificant to explain the stock returns of distress firms due to the inefficiency of market. However, size effect is significant in explaining the stock returns of distress firms. The study also reveals that it is important to predict financial distress risk with a better predictor in order to avoid the uncertainties in BEI."